17
Fri, Oct

BTC, XRP, SOL Extend Losses as 10-Year Treasury Yield Hits Lowest Since April

BTC, XRP, SOL Extend Losses as 10-Year Treasury Yield Hits Lowest Since April

Crypto News
BTC, XRP, SOL Extend Losses as 10-Year Treasury Yield Hits Lowest Since April

Bitcoin BTC $106,803.77 continued to lose ground Friday, falling below a key average as risk stayed on the defensive, driving Treasury yields to multi-month lows.

The leading cryptocurrency by market value fell below its 200-day simple moving average of around $107,500, extending losses to $106,900, CoinDesk data show. Prices were down 7% for the week, following the past week's 6.5% drop. Other tokens such as XRP, SOL and ETH also extended losses, taking their respective weekly declines to 9% to 12%.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today.See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

BTC's losses followed over $500 million in outflows from the U.S.-listed spot exchange-traded funds (ETFs) amid growing signs of liquidity stress in the financial system.

The price weakness is consistent with bearish signals from technical charts that suggest scope for a drop below $100,000 in the coming days.

Futures tied to Wall Street's benchmark equity index, the S&P 500, fell nearly 1%. The index was dragged lower by banking shares on Thursday after Zions Bancorp and Western Alliance Bancorp disclosed links to fraud-linked loan exposure, stoking worries of a bigger fraud in the system.

The risk-off catalyzed demand for bonds, driving the U.S. 10-year Treasury yield lower to 3.94%, the lowest since April. Bond prices and yields move in the opposite direction.

Early this week, the Philadelphia Fed Manufacturing Index tanked 36 points to –12.8, indicating softening activity and triggering concerns about the economy. That also added to the demand for longer-dated Treasury notes.

Content Original Link:

Original Source Bitcoin News

" target="_blank">

Original Source Bitcoin News

SILVER ADVERTISERS

BRONZE ADVERTISERS

Infomarine banners

Advertise in Maritime Directory

Publishers

Publishers